Business Startup Tips (part two)

In this three part blog series we break down those important things that you need to consider before you jump in to launching your new business venture!

Part one got down to the nitty gritty of your business plan. Here in part two we share tips on what to consider for making your new business legal, setting up your accounts and finding a base...

What do you need to consider for making your new business legal, setting up your accounts and finding an office space?

Make it Legal

It’s all starting to feel a little bit real now. Here are two things you may need to do next to make sure your business is legal and tax compliant...

1: Register

Once you have decided that you are going to launch your business, go ahead and register with HMRC (Gov.UK) 

Most startup businesses register with HMRC as a sole trader, limited company or partnership. You can see this information on the website to help decide what best suits your venture as there are variables that you should consider, especially when it comes to tax and legal status. 

2: Licensing

Do you know of any licensing that is required to run your business?

It’s not always the case, but if you do then this research and application process can be a lengthy one and may involve various governing bodies or local planning departments.

We say be patient... and only begin trading when you have all of the required paperwork else your business insurance may be invalid. 

Considering employing someone? Don’t forget to consider all of the appropriate Health & Safety requirements…

(This blog is not legal advice for your startup. We recommend you do your own thorough research to make sure you do everything correctly)

Accounting & Tax

If you are moving from a PAYE job to a self employed role there are a great deal of new things to bear in mind including tax and National Insurance contributions. 

We advise finding a local accountant who can demystify the world of tax, fees and your responsibilities. You can also look at the HMRC HMRC Tax Returns website page for self employed tax return help and advice.

Home Office or Business Premises

A tricky decision and an evolving one depending on your home set up, employees and grand vision. 

Our blog ‘A new office is a new start’ delves into the benefits of both options so take a read!

We know there’s so much to consider before you begin a new business, but always remember that you’re not alone and there is so much help and advice available at this time, than any other.

If you are looking to grow your business and are looking for an office space in Brighton, you can call our office at 01273 830330 or email us info@thedockhub.co.uk to book an appointment with our office management team.